the main misconception here is that the total hashing power of the network corresponds with how quickly bitcoins are mined.
the difficulty adjust with the size of the mining pool so that one block is found and one block reward is produced approximately every 10 minutes. if the number of people mining doubles tomorrow, the difficulty will adjust and the rate of bitcoin creation remains mostly unaffected.
Topic: will asic's kill bitcoin ? - page 2. (Read 3621 times)
ok this has been bugging me, so someone please correct me if im wrong, and this is a bit of a brain dump...but
gpu mining is grunt brute force dirty mining...people tweak, rebuild there is some skill in it
fpga is elegant, geeky, clean...people recode, add, expand, adjust the host machine....again skill
ASIC .. is sneaky, fast, clean....but boring and easy
You buy an asic, you plug it in, you get X gh/s you add more, you get more gh/s, in effect an asic on its own is the same as a mining pool atm
So, bear in mind there is a limit of 21m bitcoins (11mil in use now, so halfway) and we've been mining for 4 years now...mostly (with pools etc) in the low th/s
asics will drive the rate of processing up into the upper th/s if not into the peta h/s, so difficulty will increase to silly amounts, but people will expand the asic clusters to compensate
Will we not run out of bitcoins to mine within 4 years or so... ?
Were is the skill, the personal time/work in the mining....is this not survival of the richest ?
I know i know, the rich get richer...but in this environment (crypto, internet, computers) , id like to see the geekiest get richer and asics seem to be de-skilling
were is the fun in mining...after asics....
and if anyone wants to offload an fpga or 2 now, shout....im more interested in the geekdom of mining as a hobby
gpu mining is grunt brute force dirty mining...people tweak, rebuild there is some skill in it
fpga is elegant, geeky, clean...people recode, add, expand, adjust the host machine....again skill
ASIC .. is sneaky, fast, clean....but boring and easy
You buy an asic, you plug it in, you get X gh/s you add more, you get more gh/s, in effect an asic on its own is the same as a mining pool atm
So, bear in mind there is a limit of 21m bitcoins (11mil in use now, so halfway) and we've been mining for 4 years now...mostly (with pools etc) in the low th/s
asics will drive the rate of processing up into the upper th/s if not into the peta h/s, so difficulty will increase to silly amounts, but people will expand the asic clusters to compensate
Will we not run out of bitcoins to mine within 4 years or so... ?
Were is the skill, the personal time/work in the mining....is this not survival of the richest ?
I know i know, the rich get richer...but in this environment (crypto, internet, computers) , id like to see the geekiest get richer and asics seem to be de-skilling
were is the fun in mining...after asics....
and if anyone wants to offload an fpga or 2 now, shout....im more interested in the geekdom of mining as a hobby
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